Ted gave Stanly a $300 negotiable note for repairs to his car. Stanly did not do the repairs, but indorsed the note to Nami who did not know of Stanley's lack of work and paid Stanly for its note. Nami gave the note to her daughter, Sopan, for Christmas and Sopan attempted to collect the note. What is Sopan's legal status?
A) Sopan is not a holder in due course, but has the rights of a holder in due course.
B) Sopan is not a holder in due course and has no rights of a holder in due course.
C) Sopan is not a holder in due course, but does qualify as a holder in gift status.
D) Sopan has no rights, since she did not give consideration.
Correct Answer:
Verified
Q22: _ means a demand made by a
Q23: Green Grocer Wholesale,Inc.received an $850.00 check from
Q24: When one of the parties to a
Q25: Indorsers are obligated to make the payment
Q30: Mark is mentally incompetent and delights in
Q33: Carl finds a lost dog and returns
Q36: Which of these is true regarding "failure
Q37: On May 15,2015,Jason indorsed a check dated
Q39: A defense that may not be used
Q47: Dishonor means:
A)fraud in the payment method.
B)deception in
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents